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WASHINGTON — During a panel of government officials and others testifying before the House Financial Services Committee Nov. 2, Treasury Under Secretary for Domestic Finance Robert K. Steel explained the administration’s efforts to help stem the rising tide of foreclosures.

The focus of the hearing was the HOPE NOW initiative, which is an alliance of lenders, servicers, and community-based counselors that was announced by Treasury and the Department of Housing and Urban Development on Oct. 10. “We should focus on results and not on prescribing a single approach,” Steel told Congress. “Preserving homeownership is the goal, and we must recognize that many different avenues can get us there.”

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